How long does it take a lender to produce a mortgage offer?
Quick Summary
If you have a straightforward financial situation with a good deposit, there is a better chance your mortgage will be agreed quickly. The lenders can produce speedy mortgage offers, often in a matter of days, especially when you have a good credit score, and their systems categorise you and the property you're buying or remortgaging as low risk.
Most banks and building societies publish their service standards on their websites to confirm how long it takes to produce mortgage offers.
If you have a straightforward financial situation with a good deposit, there is a better chance your mortgage will be agreed quickly. The lenders can produce speedy mortgage offers, often in a matter of days, especially when you have a good credit score, and their systems categorise you and the property you're buying or remortgaging as low risk.
More mortgage lenders have online portals for brokers like Trinity Financial to submit agreement-in-principle and full mortgage applications. Some of the big banks work so quickly, not that they are issuing more mortgage offers within minutes or the same day!
How quickly can you get a mortgage approved?
In reality, anywhere between 2 and 3 weeks would be considered fast, and a same-day mortgage offer still happens for the minority of borrowers. The average timescale is typically 30-40 days for a ‘clean’ mortgage application. For a more complex one, this timescale can be pushed up to six to eight weeks.
In general, fast-track mortgages tend to be reserved for applicants who fit the following profiles:
- Low loan-to-income requirements (e.g. you only want to borrow four to five times your salary)
- A lower loan-to-value or a larger deposit and you can prove where your deposit has come from
- A good credit rating and no or very few missed payments
- Buying a home with standard construction in a good location with comparable property prices
- You have a solid employment history and uncomplicated income
Appointing a solicitor and arranging a valuation
A solicitor’s role in the house-buying process is to carry out all the necessary conveyancing and searches required, along with all other legalities (transfer of title deeds, stamp duty payments if applicable, etc.). If you are buying a property, it makes sense to know which solicitor you are going to use well in advance. Trinity's brokers have used Steph Lyke at SAS Daniels for years and Healys LLP.
Mortgage lenders will also arrange for their own valuations, which is required so they can confirm the surveyor’s valuation matches theirs. The valuation report can take up to two weeks to come back, so the earlier this is requested, the better. More banks and building societies are using online valuations to get quicker responses, save money, and issue mortgage offers faster.
Aaron Strutt, product director at Trinity Financial, says: "Some of the lenders are producing faster mortgage offers than others. Halifax and Barclays can be speedy when our brokers submit fully packaged applications. Santander for Intermediares is also issuing mortgages very quickly, which is good because they offer great rates!
Average mortgage lender service standards:
|
Mortgage lender |
Average time to produce a mortgage offer via brokers |
|
Coventry for Intermediaries |
9 working days |
|
Halifax for Intermediaries |
5 working days |
|
HSBC for Intermediaries |
10 working days |
|
Santander for Intermediaries |
|
|
Nationwide for Intermediaries |
8 working days and referred cases 13 working days |
Source: Mortgage lender websites
Top tips to get your mortgage approved quicker
Remember, one key aspect of getting a mortgage approved quickly is having an excellent credit history. So, one major task you can tick off your list early on is to check your credit report regularly, especially if you are planning to buy or even thinking about buying a property or remortgaging.
We recommend Checkmyfile as a credit reference agency because they provide multiple credit reference agencies, just like the banks and building societies. This means any defaults or issues are more likely to show up before you apply. You can also take steps to have it removed to avoid further delays with your application.
In addition, the following is a list of other tips you can check to help your application moves more swiftly through the process:
- Get proof of your deposit ready
- Speak to your partner about their credit history if your are buying with them
- Speak to the Bank of Mum and Dad well in advance if you need help
- Check you’re registered on the electoral roll at your current address
- Make sure your name on your application exactly matches your passport and other documents
- Ensure your banking conduct is good
- All your other supporting documents are ready to go
- You’ve closed any old or inactive bank accounts
- Think about whether you need to have multiple credit cards if you have them
- Avoid applying for a new line of credit in the last three months. This included phone contracts, taking cars on finance, buying beds on credit, etc.
Lending solutions with Trinity Financial
Are you looking to buy a property and require expert advice? We’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience providing creative solutions to secure mortgages for our clients.
Call Trinity Financial on 020 7016 0790 to secure a faster mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change.
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
Trinity Financial has access to the decision-in-principle systems that the banks and building societies provide to confirm whether borrowers qualify for a mortgage or not.
Once our brokers have spoken to borrowers to determine their financial situations and they have provided the required income confirmation, we can submit an agreement in principle very quickly. Often on the same day.
The lenders provide three options for a decision in principle, including accept, decline or refer. If an application is referred or declined, our advisers will work to understand what has happened, especially if the alternative options are limited.
Once a decision is accepted, we can submit a complete application and instruct the property valuation.
Getting a mortgage through a specialist broker like Trinity Financial is typically far quicker than visiting bank branches or applying to a bank over the phone.
We constantly speak to borrowers who have been to their bank or building society and sat through lengthy video consultations, only to be told they do not qualify or cannot borrow enough money. Many buyers also get fed up with waiting for the mortgage offer, especially when they get closer to their exchange date.
Trinity Financial's experts will assess the market to ensure you get the most competitively priced and suitable rate, depending on the size of your deposit, and then find a lender to provide you with the amount you need to buy a property or refinance.
In some cases, getting a mortgage offer on the same day an application is submitted is possible, especially for borrowers with straightforward financial situations. However, mortgage offers normally take between ten days and two weeks to be offered, depending on how busy the lender is and the complexity of the case.
Trinity Financial's brokers have access to specialist contacts at many of the biggest banks and building societies, as well as private banks and niche lenders.
These contacts help us to get mortgages agreed quickly and efficiently. In some cases, we even get borrowers the mortgage they need when they fall outside of the lender's standard qualification criteria.
Trinity Financial has extensive lists of contacts, and depending on your financial situation or the type of property you are buying, we can put your application in front of them.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
